INFA Plunges 27%, Warns Q2 to Miss Consensus

By Tiernan Ray

Shares of data integration software provider Informatica (INFA) were halted this afternoon before the company this afternoon pre-announced June-ending Q2 revenue and profit per share well below Street consensus, and set a $100 million buyback plan.

Revenue in the three months ended in June were in a range of $188 million to $190 million, with EPS of 27 cents to 28 cents, the company said, excluding some costs.

Analysts have been modeling $217 million in revenue and 36 cents EPS.

Final results will be announced July 26th, Informatica said.

Separately, the company said its board approved a $100 million buyback authorization, bringing total outstanding buyback power to $147 million.

The last quote for INFA stock was down 17 cents, or 0.4%, at $43.20 in late trading. The stock is expected to resume trading at 4:45 pm, Eastern time.

Update: Informatica shares have resumed trading and are down $11.87, over 27%, at $31.51.

Informatica’s market for corporate data management tools could be taken as a reflection upon the database and applications market. Currently, shares of Oracle (ORCL) are down 22 cents, or 0.7%, at $29.50 in late trading, while shares of middleware vendor Tibco (TIBX) are off 40 cents, or 1.3%, at $29.98. Shares of data analytics software maker Qlik Technologies are down 65 cents, or 3%, at $19.68.

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.